Pacific Exploration & Production Corporation announced today that it has changed its corporate name to Frontera Energy Corporation (the "Company" or "Frontera") to mark the beginning of a new era for the Company. The Company's common shares are expected to commence trading on the Toronto Stock Exchange under the new name and ticker symbol TSX:FEC at the opening of trading on Wednesday, June 14, 2017. Frontera's vision is to build on its position as a focused, low cost, exploration and production company and to create maximum value for all stakeholders. Frontera is also committed to the health, safety and success of its employees and is dedicated to the relationships it builds with suppliers, partners, governments and the communities in which it operates.
Barry Larson, Chief Executive Officer of Frontera Energy Corporation, commented:
"Our new corporate identity reflects the significant transformation the Company has made following its restructuring, as well as a new progressive and disciplined focus that will generate success. To ensure the Company can maintain sustainable production and growth, the Board has taken steps to narrow Frontera's geographic focus and reduce organizational scale, complexity and cost while maximizing operating and cost efficiencies. The Company has a renewed culture and deep-rooted values, with an emphasis on health, safety and environment, which have been embraced and embodied by our workforce. By staying true to the core values of Integrity, Respect, Commitment and Sustainability, Frontera is well equipped to move forward into a new era of prosperity."
Gabriel de Alba, Chairman of the Board of Directors of Frontera Energy Corporation, commented:
"Frontera is a competitive low-cost producer and will maintain a market leadership position over the long-term by staying disciplined and margin-focused, not simply production-driven. The Company has a renewed strategic focus, positive cash flow, a strong balance sheet, significantly reduced payables, and has a Board of Directors with the unique skills and experience needed to guide management and drive value creation for all stakeholders."
The Company's strategic direction is driven by Frontera's Four Pillars of Value Creation:
1. Successful Restructuring
3. Production Growth and Exploration Upside
The Company has made an application to the Toronto Stock Exchange for its approval of the name change and has received conditional approval subject to the submission of the required final documentation.
No action is required to be taken by the Company's shareholders in connection with the name change.
Frontera is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in more than 25 exploration and production blocks in Colombia and Peru. The Company's strategy is focused on sustainable growth in production & reserves and cash generation. Frontera is committed to conducting business safely, in a socially and environmentally responsible manner.
The Company's common shares trade on the Toronto Stock Exchange under the ticker symbol "PEN" until end of trading on June 13, 2017.
SOURCE: Frontera Energy Corporation
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.